How families in Milei’s Argentina sank deep into debt

In Argentina, President Javier Milei's free-market policies have led to a surge in debt among families. As of the latest data, 5.8 million individuals are more than 90 days behind on their debt payments, marking a tripling of delinquency rates in a year and the highest level in two decades. The Central Bank of Argentina reported that 21 million out of 46 million Argentines have some form of debt.

Andrea, a 32-year-old mother, shared how she fell behind on payments after starting a catering business, with her debt ballooning from one million pesos to five million. Milei dismissed responsibility, questioning whether people had no choice in taking out loans. Banco Provincia's Juan Cuattromo blamed macroeconomic factors for the increase in debt, not individual decisions.

Personal loans and credit cards account for over 70% of unpaid loans, with interest rates reaching 1,000%. Claudia Debaste, a 40-year-old single mother, is struggling with credit card debt and seeks to reschedule her payments. The rise of digital wallets like Mercado Pago has made credit easily accessible, even to teenagers as young as 13, often without proper financial education.

This has led to a debt crisis, exacerbated by stagnant wages and higher living costs, trapping many families in a spiral of debt.